Was it Good for You?

1) Our non-prediction was not wrong. Not bad.
2) Now that the alcohol and post-QEtal glow are wearing off, it might be time to get back to business and some actual themes aside from the dong-measuring contest that has been the last few weeks.

Europe is still an utter mess and while everyone was waiting for the Bearded Magician to pull the rabbit out of the hat peripheral spreads have gone all sorts of terrible. Hard to love the Euro here.

Asia: No kidding folks, we have an inflation problem out east. $600bn may make things cool off a bit tomorrow but borrowing at ~0% to buy stuff that has a ROE of 25%+ and get into carry trades is still compelling for the vast majority. Asset inflating we go.

Food: See above, no rest for the wicked especially in sugar, rice and just about anything else.